Broken Record
With summer winding down, one theme dominated headlines around the world for the last two months: record heat. Temperatures from California to Greece reached record highs, with hundreds of millions of people locked in a months-long pattern of extreme temperatures with little relief. In Phoenix alone, residents experienced a mind-boggling and dangerous record of 31 consecutive days with high temperatures over 110 degrees Fahrenheit. In Asia, the Caribbean, and in Europe, countries faced unprecedented stretches of heat with the Italian region of Sardinia hitting nearly 120 degrees Fahrenheit. Coupled with abnormally dry conditions, hugely popular tourist destinations such as Rhodes and Maui faced massive fires killing hundreds of people and causing billions of dollars worth of damage. It is evident that summer is getting hotter and more dangerous. The question is, what can the auto industry do to speed up efforts to change the vehicle mix and help combat climate change? Great progress has been made in the last 15 years in the development and adoption of both EVs and importantly connected car services. EVs have captured a significant minority of global new car sales, increasing from 4% of new car sales in 2020 to 14% in 2022. .Likewise, according to research done by Smartcar, 91% of all vehicles sold in the United States in 2020 were connected to the internet, bringing advanced features to customers and moving the industry closer to the concept of software defined vehicles. These high-tech advancements were intended not only to improve the customer experience, but also to lessen the automotive industry’s impact on climate change. EVs are projected to phase out ICE powered vehicles, eliminating tailpipe emissions, while connected vehicle software will optimize the user experience and efficiency of vehicles. Despite these efforts however, climate change is not slowing down, and a variety of new problems have arisen that significantly impact the benefit afforded by EVs and advanced connected car technologies. These issues range from vehicle wear, to power grid drain, to rare earth material (REM) shortages. An article published last week by The Drive reported that the tires on Rivian’s R1T and R1S models are wearing out in as few as 6,000 miles. Rivians are notably very heavy and have massively powerful electric motors able to propel the three and a half ton vehicles to 60 mph in 3.3 seconds. But the incredible power and weight of these EVs have seemingly left the tires fitted to the vehicles outclassed, creating the potential for an enormous increase in rubber waste and ownership expenses. As EVs become larger, heavier, and faster this problem will only increase, fueling the current environmental crisis and apprehension about EV adoption. In the Sun Belt, the dangerously hot summer conditions caused the need for around the clock air conditioning in spaces across most of the affected states, It was reported by Arizona Public Service that July 14th and 15th each set records for the highest consumer power demand in the state’s history. And Arizona’s power supply runs mostly on natural gas, which while better than coal, still contributes to the pollution of the atmosphere. Higher temperatures caused by climate change require more air conditioning, which in turn creates more pollution. EVs are not responsible for this situation, but their increasing need for power may have long term impacts on states still utilizing fossil fuel power generation methods. So increased demand from consumers to cool their homes and charge their EVs fuels a vicious cycle fueling the climate crisis. All of these issues in conjunction with the exponential growth in chip demand for high-tech vehicles has forced the auto industry to face unexpected and sometimes uncomfortable questions about their collective efforts to combat climate change. The news is not all bad however, as the products and services that are having unintended consequences on the climate may also be able to help solve them. Though costly, measures such as bi-directional charging, where EVs contribute excess power back into a home or the grid could be implemented as a way to shed some of the electrical load caused by extreme weather. A less expensive alternative that is available today is interruptible charging, in which vehicle charging can be remotely controlled and suspended while plugged into home chargers during the hours where electricity demand is at its highest. Another option is smart routing which could bring down the environmental cost of ownership and help offset the climate impact of bringing new technology into vehicles. It is inevitable that EVs will continue to gain market share, and software defined vehicles will become the industry standard. With creative and proactive solutions such as those mentioned above, the automotive industry will be able to more successfully contribute to the struggle against climate change, working to safeguard the world for future generations. All of us in the automotive industry can make a big difference.
Summertime Classics
This past Father’s Day, two parts of the AMA team had the opportunity to celebrate the occasion by enjoying the Cheekwood Concours d’Elegance in Nashville, Tennessee. Dan, our Advisory Director, and his son Hayden, our Head of Market Research, are lifelong car enthusiasts, with Dan having spent extensive time in the industry and Hayden growing up surrounded by car culture. Both of them are passionate about classic cars, and Hayden aims to share this love with other members of the younger generation. Hayden is a rising senior at Harvard studying history as well as a cadet in the Air Force ROTC program, with an interest in all things fast stemming from an early exposure to muscle cars and supercars. Below we describe our favorite vehicles at the show and some of the observations garnered from the outing. Boasting a fun and friendly environment, the Father’s Day show was an absolute blast. With cars spanning nearly one hundred years of automotive history, it was fascinating to see some of the greatest vehicles of different eras in perfect working order. Going chronologically, the oldest and perhaps most interesting cars at the show were the 1927 Rolls Royce Phantom I, a 1930 Lincoln Sport Roadster, and the selection of Packards from the 30s. Evoking feelings of splendor and glamour, the Gatsby-esque Rolls Royce was more akin in size to a Ram 2500 than a Rolls Royce Phantom of today. Fun to imagine what life might have been like for the lucky aristocrat or baron who had the privilege to be driven around in such a vehicle. A favorite feature of the car was the dual windscreens. Though not unique to Rolls Royce, the concept of a two windshield convertible coach exudes prestige and class while encapsulating the design language of the roaring 20s. An absolutely extraordinary piece of engineering. The next car that really caught our attention was the 1930 Lincoln Sport Roadster with a body built by Locke and Company of Rochester, New York. One of a mere 15 models ever produced, this was probably the rarest car at the exhibition. Finished in two tone green with a tan convertible top, this special Lincoln cost over $5000 new (nearly $90k today accounting for inflation). This car is one of three surviving examples of the original production run, and has gone through two restorations in order to preserve the car’s rich history for modern day car enthusiasts. Unsurprisingly, the roadster is frequently featured at prestigious events including but not limited to Amelia Island, the Glenmor Gathering, and St. Johns. I really enjoyed the combination of 20s and 30s car design combined together to create the ultimate Depression-era roadster. Seldom seen on American roads anymore, the show boasted several Packards from the 1930s. Two Packard Super Eights, a green convertible built in 1934 and a red sedan built in 1937 were on display. Both cars had beefy straight eight cylinder engines and would not look out of place in a 1930s gangster movie. More interesting than that, we had the opportunity to sit in and hear the owner start a 1938 Packard Twelve Coupe Roadster. Powered by a 437 cubic inch V-12 paired with a three speed manual transmission, the remarkable engine was nearly silent upon start. Epitomizing 30s luxury, the car at new would come in at a whopping $122,000 adjusted for inflation. Additionally, a great variety of more “classic” post-WWII American and European cars were on display. Our personal favorites were a 1959 Cadillac Coupe DeVille, a 1958 Porsche 356a Speedster, and a 1969 Mercedes 280 SL Roadster. Timeless but each encapsulating their different eras, we also had the opportunity to sit in and explore the interior of the Mercedes. Showcasing some early connected features, this car had a 5-band radio. Even cooler, it was the one featured in the Mercedes-Benz 2011 Super Bowl commercial. Far from the features of a modern car, it is nonetheless intriguing to examine the precursors of connected vehicles. With that, we’ve covered our favorite cars from the Cheekwood Concours d’Elegance. Going to events like this is an essential activity for any car enthusiast, because rarely is so much automotive heritage on display in such pristine condition. As EVs are phased in and ICE cars are retired from production, there’s something special about seeing and experiencing the power and feel of classic cars. Happy belated Father’s Day and Fourth of July!
AMA at Auto Tech: Detroit 2023
Bridging the long gap between CES 2023 and CES 2024, AutoTech Detroit marks a productive halfway point through the year for the automotive industry to showcase their latest advances and outlooks in automotive technology.
AMA at Auto Tech: Detroit 2023
Bridging the long gap between CES 2023 and CES 2024, AutoTech Detroit marks a productive halfway point through the year for the automotive industry to showcase their latest advances and outlooks in automotive technology. Attended by nearly 2500 industry professionals, 250 exhibitors, dozens of speakers, and 850 companies, AutoTech found itself to be a bustling hub for business discussions, collaboration, and planning for the future. The showing was impressive this year, continuing to prove that the want and need for trade shows was not killed by virtualization born from the Covid-19 pandemic.With such a focused gathering of automotive technology suppliers and OEMs, the content and business of the show was dominated by a few major themes. Coming up constantly across the panels from many experts ranging from Verizon, T-Mobile, and AT&T executives, to senior business development leaders across the major OEMS, connected cars and the future of connectivity took center stage during the show. Beginning the show with a bang, AT&T and safety solutions provider Haas Alert announced that cellular data used to provide vehicle safety features would be free in order to facilitate further advancements in safety oriented connectivity. Marking a major shift from prior policies, the cooperation between a major service provider and safe-software suppliers will open up a vital opportunity for cost-effective development of cutting edge safety features as further regulations are placed on OEMs both in the United States and abroad. Interestingly, these safety features are applicable beyond in-car use, additionally being able to communicate with pedestrians and warn of oncoming traffic or other hazards. Linking the two groups in such a way could drastically reduce the number of accidents between cars and pedestrians, saving countless lives on a yearly basis. Connected car was presented as an answer to the next generation of questions concerning the safety of drivers and passengers of the newest personal vehicles. Moreover, AI based algorithms for insurance, condition monitoring, and emergency services were presented by OEMs and suppliers as accurate solutions for some of automotive technology’s most pressing issues. A speaker from Mercedes-Benz USA informed listeners at a June 7 panel that an onboard analysis of ADAS incidents could be used to notify authorities in an event of an emergency such as a driver seizure. Other companies like MOTER Technologies presented the ability to create advanced driver behavior based insurance in real time using edge processing in order to process data at the car, transmitting less data from the car, saving cost and mitigating privacy issues at the same time. MOTER is the first company to obtain approval for this form of high-tech driver’s insurance in the US, so a revolution in affordable insurance is on the cusp of taking the industry by storm. Topics covering the connected car’s efficacy and benefits took up a significant amount of AutoTech’s bandwidth, making clear to manufacturers and suppliers where the future of the auto industry lies. Beyond the importance of safety, software defined vehicles were a preeminent topic examined by almost all attendees across the show floor. Industry experts noted repeatedly that software within vehicles is coming to define the consumer experience, and that customers are demanding more and better software-based features out of their cars. Some questions continue to surround the method of entertainment for owners of EVs at charging stations, in which they may find themselves needing to be occupied for one to two hours while their car recharges. For example, BMW recently announced a partnership with AirConsole that allows driver’s of their vehicles to play a collection of curated video games while they wait for their EV to charge, by using their Smartphone as a game controller. https://www.linkedin.com/embeds/publishingEmbed.html?articleId=8564693891085967291&li_theme=light Further, new methods of bundling entertainment as OEM controlled subscriptions were floated by panelists from automakers and major studios, perhaps opening the gate to significant changes to the way content is viewed by the driver and passengers in a car. Similarly, as the debate around the future of AM and FM continues to divide the automotive world, up and coming audio services sought to make their mark and move in to snap up the market share of in-vehicle audio listeners. AutoTech presented the reality of the entertainment space as a crucial piece of the software puzzle for OEMs, one which had to be answered well enough to meet the consumer’s growing needs. Like CES in January, AutoTech was an environment of businesses coming together to present real solutions to current problems. AutoTech proved that the auto industry is actively making the leap into next generation connected car and software defined vehicle technology. Business models continue to evolve, and the breakneck pace of development was spurred on by the myriad of ready-for-market services and innovations covering all facets of the market from insurance to in-car entertainment. The excitement and importance of the AutoTech Detroit event on the calendar should not be underestimated, allowing industry professionals the opportunity to easily peer into the future of tomorrow’s automotive world today.
George Ayres moderates a panel discussion on ATSC 3.0 Data Delivery to Automobiles at NAB, Las Vegas
George Ayres moderates a panel discussion on ATSC 3.0 Data Delivery to Automobiles at NAB, Las Vegas
The Weakest Link
This is part two of a three part series on the development of EVs and their supporting infrastructure in the United States. It is said that a chain is only as strong as its weakest link. In terms of the transition away from internal combustion engines towards electric vehicles, charging stations are the said “weakest link.” As essential as gas stations used by their ICE counterparts, EV charging stations are a fast developing but greatly lagging piece of the EV adoption puzzle in the United States. According to the White House in February, there are currently about 130,000 charging stations across the country which service three million or so EVs. Five years ago, the number was a little over half of that. While growing steadily for the last 10 years, the need for car charging stations is on the cusp of an explosion. The Biden Administration’s Inflation Reduction Act (IRA) actively encourages and incentivizes the mass adoption of both light EVs and medium/heavy duty commercial EVs, which will require significantly more powerful and larger charging stations. If the US is to expect tens of millions of new light EVs, medium duty EVs, and heavy duty EVs to hit the road by 2030, substantial steps need to be taken to make sure that there are enough charging stations to meet the massive demand. https://www.linkedin.com/embeds/publishingEmbed.html?articleId=7033500277189233670&li_theme=light The first step will be to provide funding for companies to build the required number of charging stations to meet this demand. S&P Global, a NYC based financial analytics company, estimates that by 2027, the United States will need 1.2 million level 2 chargers and 109,000 level 3 chargers to meet the EV electricity demands. This is a stark increase from current capabilities, and at an estimated need of a 10 to 1 ratio of EVs to charging stations, it will take quite some time to reach these goals. Fortunately however, the Biden administration just this past week announced that over $2.5 billion in funding will be made available to local, city, and county governments for the express purpose of building more EV charging stations and expanding the availability of chargers to underserved areas. U.S. Secretary of Energy Jennifer M. Granholm said in the White House press release that “extending EV charging infrastructure into traditionally underserved areas will ensure that equitable and widespread EV adoption takes hold,” and will ensure “that charging stations more visible and accessible in our communities addresses the concerns many American drivers have when considering making the switch to electric.” So already, steps are being taken in the right direction to meet infrastructure demands. https://www.linkedin.com/embeds/publishingEmbed.html?articleId=8836377427900808895&li_theme=light The second step for EV charging will be to fix the chronic reliability issues that plague the current charging network. According to a J.D. Power study and recently reported by Automotive News, between Q1 2021 and Q3 2022, failed charging attempts rose from 15% to 21%, and in the last year, nearly 2 in 5 charging attempts were unsuccessful. If the average American is expecting to be able to rely upon an EV to get them from point A to point B, a near 40% failure rate to “refuel” their car will not be sustainable. Reasons for these failures can include out of service chargers, vandalism, software problems, and payment processing issues. These errors are partially caused by the volume of traffic received by each station, with some stations having nearly no downtime at all because of availability issues. This creates a vicious cycle in which there are not enough charging stations, so the ones that do exist are strained to the point where they break, therefore causing less charging stations to be available overall, and so on. To fix the overall problem, some of the resources dedicated to building the new charging stations need to be used to shore up the already existing charging infrastructure dotting the US. https://www.linkedin.com/embeds/publishingEmbed.html?articleId=9178542192637438259&li_theme=light The EV charging station situation is not optimal or perfect by any means, but when a revolutionary new technology enters the market, there are always bound to be some bumps along the road towards implementation. Continued investment from private companies and at all levels of government will be required to fix the problems outlined above, but fortunately great funding and emphasis is already being put into this widely acknowledged problem. The goal of the US government is to create a seamless transition to EVs in which charging a car has the same level of convenience as filling a car up at a gas station, and by dedicating a combined total of $7.5 billion to doing so, it shows that the necessary funding and support exist to make it a reality. Stay tuned in two weeks for Part 3 of AMA’s story on the development of EV infrastructure in the United States. Learn more about how the AutoMobility Advisors team can help you and your business seize the amazing opportunities to serve the new mobility market. Click on the link below and get in touch, we’d love to talk with you! #evcharginginfrastructure #evcharging #ev #electricvehicles #futuremobility #newmobility #connectedvehicles #digitaltransformation #AutoMobility Advisors
An Automobility Start-up from ITALY!
Innovation and technological development in the automotive industry is a global phenomenon. Companies hailing from all over the world create and invent revolutionary products and services, driving the advancement of technology forward at a breakneck pace. Hailing from Rome, Italy, 2hire, an auto mobility company specializing in car sharing, rental, and connected services, is one of these global innovators. Founded in 2015 as a moped-sharing company for students of LUISS University in Rome, 2hire has humble beginnings. The company quickly became something more though, transitioning from focusing solely on scooters to connected vehicles in 2016. CEO and Co-Founder Filippo Agostino, COO, and Co-Founder Elisabetta Mari, and Head of Product Design Giacomo Agostino describe this transformation the best: “The 2hire team is composed of tech experts who have a strong background in the communication protocols of vehicles. Our team was originally founded with the mission of bringing shared and sustainable mobility to the city of Rome through the launch and operation of an electric moped-sharing service. However, over time, we have pivoted towards developing the technology that supports these types of services. Our approach is software-based, which sets us apart from our competitors and allows us to offer a hardware solution that is easy to install and customizable for each mobility operator’s specific needs.” By 2017, 2hire had rolled out a brand new prototype device that was able to remotely lock and unlock the doors of a Fiat 500L. Securing multiple investments from venture capitalist firms, 2hire was able to turn this prototype piece of hardware into a universal device and launched an API layer named the “Adapter,” which would become the foundation of their business, and allowed them to take the company international. Less than two years later, 2hire was providing mobility services to vehicles and companies in Italy, Spain, France, and across South America. Driven by a relentless passion for sustainable technology, the 2hire team took a small startup firm and turned it into a rapidly growing global presence. When asked what motivated them to push through the trials and tribulations of being a startup, Filippo, Elisabetta, and Giacomo asserted that they “have always been interested in the mobility industry and saw a significant need for innovation in the car rental and fleet management space. The idea of helping people move more efficiently and sustainably was very appealing to us, and we saw a huge opportunity to make a difference in this industry.” Now in the first quarter of 2023, 2hire is as ambitious as ever. Thus far, the company’s technology has received widespread acclaim in Europe and South America. With over 15 million cars that can access the company’s services across 100 cities in 23 countries, it is no surprise that their technology is known for saving time and operational costs due to its ability to provide innovative solutions that help mobility providers in the car rental, peer to peer car sharing, car sharing, and fleet industries. With all of these successes in Europe and South America, 2hire is making the leap into the North American market with the aim of becoming an essential partner for mobility providers as they transition towards fully connected fleets (i.e. rental cars, delivery vans, corporate vehicles). Recently, Filippo, Elisabetta, and Giacomo traveled from Italy to Boston and Atlanta to showcase their technology to potential partner companies. With this trip to the United States, it’s clear that 2hire is ready to take the next step in expanding their business to an even larger international market. Having interests expressed in this technology by OEMs, major rental car companies, and car sharing platforms, 2hire demonstrates their ability to provide bona fide seamless integration solutions between service providers and connected vehicles while also supporting automotive companies in making their cars easily accessible to a growing ecosystem of digital service providers. From here, 2hire can only go up as they gain traction and secure partnerships in the United States. Taking a business from a small startup composed of college friends to a global company doing business with Fortune 500 corporations is no small feat. When asked for advice on lessons for other startup companies in the mobility space, the 2hire team shared three key pieces of guidance: For more information on 2hire’s technology and business, visit their website and LinkedIn page. Information on Filippo, Elisabetta, Giacomo, and the other members of the 2hire team can be found on each of their LinkedIn pages. And you can learn more about how the AutoMobility Advisors team works with companies like 2hire and can help you and your business seize the amazing opportunities waiting for innovative companies ready to serve the new mobility market. Click on the link below and get in touch, we’d love to talk with you!
Infrastructure Implications
On Wednesday, January 25th, US Senator Joe Manchin (D-WV) introduced legislation to the senate that would prevent automakers from receiving EV tax credits for vehicles that are unable to meet the new battery and mineral standards outlined in the Inflation Reduction Act (IRA). The IRA, penned in part by Senator Manchin, had originally allowed for a transition period for automakers to adjust to new regulations requiring minerals used in EVs to be mined in North America. With the majority of rare earth minerals (REMs) used in EV production sourced from outside of the United States, automakers and suppliers were already facing a steep uphill battle to move their mining operations to the US. Acknowledging this challenge, a grace period was built in to lessen the financial burden of this transition and ensure that EV credits were able to be properly distributed to OEMs. Senator Manchin’s new bill is intended to keep manufacturing in America, as he said in a press conference on Wednesday. Manchin told reporters that “the IRA is first-and-foremost an energy security bill, and the EV tax credits were designed to grow domestic manufacturing and reduce our reliance on foreign supply chains for the critical minerals needed to produce EV batteries.” Further, Manchin explained that “being an automotive powerhouse is in our blood which is why it is shameful that we rely so heavily on foreign suppliers, particularly China, for the batteries that power our electric vehicles. We cannot continue down this path.” Taking a protectionist stance, it is unclear whether Manchin will have the support to push this bill through the Democrat controlled Senate and Republican controlled House. This has caused some rumblings of concern from OEMs who say that it will take two to three years for them to properly move their mining and manufacturing operations solely on American soil. For now, the IRA remains as it was signed into law last year, with standards for material sourcing increasing 10% a year through the end of the decade. It remains to be seen if Senator Manchin’s new rules are able to overcome political hurdles to be signed into law, but one thing remains certain: automakers will need to spend a lot of time and money to ensure eventual compliance with the IRA. With these potential new logistical challenges, OEMs will have to consider the prospect of completely revamping their supply chains and finding new ways to cut back on costs. The foreign outsourcing of REMs and critical materials for batteries and EVs is in itself a cost cutting measure, as domestically most of these capabilities were abandoned during the 1960s and 1970s. Forcing OEMs to immediately shift these operations to North America will undoubtedly present great costs and also open the door to new opportunities for domestic suppliers. Both commercial and light EVs are experiencing an explosion in demand in the US and abroad, as their market share grows higher each year. With Senator Manchin’s new proposal, the need for increased mining and manufacturing in the US could move at a furiously fast pace, and domestic Tier 1’s should be ready to step in to fill the gaps that OEMs need to meet customer demand and federal tax requirements. For consumers, this new proposal could have a variety of noticeable effects on their options and buying power. Due to the possible increase in costs, US consumers may find themselves paying more for EVs and potentially having to wait for OEMs to catch up with demand. Private vehicle sales may struggle as light EV demand could outpace production capabilities. However, with less stringent requirements for commercial EVs and the immense tax credits medium and heavy duty vehicles are eligible for, business customers will be able to largely replace their fleets of ICE trucks/vans at a reasonable price. Senator Manchin’s new bill may have the potential to create the perfect storm for a rapid and massive adoption of commercial EVs across the country and by many different types of businesses and government departments. https://www.linkedin.com/embeds/publishingEmbed.html?articleId=7935497539836308667&li_theme=light Though in its infancy, Senator Manchin’s modification of the IRA could bring about a variety of changes that OEMs, suppliers, and consumers need to pay close attention to. Great opportunity already exists on the supply chain side of the market, and Manchin’s bill could increase these opportunities drastically. Commercial vehicle operators as well must be ready to adapt to the financial benefits of investing in medium/heavy duty EVs as OEMs see the benefits in their development, production, and adoption industrywide. The EV world is rapidly expanding and evolving, and only time will tell what the future holds for the most important segment of the automotive industry. Learn more about how the AutoMobility Advisors team can help you and your business seize the amazing opportunities waiting for innovative companies ready to serve the new mobility market. Click on the link below and get in touch, we’d love to talk with you!
The Durability of Automobility: How Automotive Tech Benefits from High-Tech Layoffs
AutoMobility Roadmap Newsletter The Durability of Automobility: How Automotive Tech Benefits from High-Tech Layoffs December 2, 2022 In the last 10 years or so, high tech has evolved into a sort of weathervane for indicating the health of the economy. Companies such as Apple, Google, Tesla, and Microsoft seem to serve as indicators for periods of economic growth and retraction, and their success is often tied to the general health of the global economy. Automakers were similarly prominent, having held these positions of power for decades. Over the past decade or two, the automotive and high tech spaces have become increasingly intertwined, birthing automobility and the high tech automotive sector. Crossing over between two formerly distinct industries, how does the automotive tech sector react, and potentially benefit from, the recent downturn in high-tech? This is a more intriguing and productive question for the automobility sector to ask, having serious implications for the future of automobility and the health of the sector despite a high-tech economic recession, Last month, billionaire Elon Musk took over Twitter in a deal valued at $44 billion and since then, the company has entered a spiral of layoffs and mass controversy. As of this past week, only 12 percent of Twitter’s pre takeover staff remain employed by the firm. Thousands of white collar employees have been laid off, from coders to top executives. Driven by Elon Musk’s controversial policies and firebrand rhetoric, more still have quit of their own volition, opting to move on to other jobs in the sector. Suddenly, thousands of high-tech employees have found themselves out of work, and where do they go? Meta, headed by Mark Zuckerberg, and the controlling interest in Facebook, Instagram, and the Metaverse virtual reality service, has suffered in kind. The company has experienced an enormous devaluation, with stock prices plunging over 65% from their peak in 2021. Going beyond controversial figures like Musk and Zuckerbeg, Marketwatch reports that Amazon, HP, and Google are expecting to make cuts over the next few years, and that there were nearly 60,000 tech layoffs in 2022, a comparable number to statistics from the Great Recession. Where do all these people go? https://www.nerdwallet.com/article/finance/tech-layoffs To put it simply, there is a growing supply of experienced high-tech employees waiting to be hired. This is an opportunity for OEMs and automotive tech companies to fill the roles many of them stated they would be adding as many OEMs announced in the past two years that their strategic intent was to transform to high tech companies creating Software Defined Vehicles. https://www.forbes.com/sites/dalebuss/2022/11/30/auto-industry-leads-in-digital-transformation-investments/?sh=3759147f4e90 The OEMs that made these announcements were faced with a significant challenge of finding qualified employees. Speaking to broad trends in high-tech, especially if the fears of recession come true, and automobility companies and OEMs continue to be resilient to economic challenges, a mass hiring of qualified high-tech employees may not just be on the horizon but may be achievable sooner than expected. The automotive technology and automobility sectors have exploded hand in hand with self-driving vehicles, EVs, battery development, and a myriad of other emerging and increasingly popular technologies. With over 2200 exhibitors from across the world and a crowd expected to total over 100,000 people at the 2023 Consumer Electronics Show in January, the automobility sector needs to come prepared and in full force, ready to showcase their resilience to recession and an openness to taking advantage of where high-tech is faltering. https://www.ces.tech/News/Press-Releases/CES-Press-Release.aspx?NodeID=954077ec-31f0-4889-b4ec-b6af7a3ad217 As the conditions of the economy and market continue to fluctuate and evolve, the ball is now in the court of the automotive industry and the automobility companies to take advantage of growth and profitability while other sectors are more vulnerable. EVs, autonomous drive, P2P carshare, battery companies, and a variety of other segments of automotive technology are growing at an explosive pace, with Forbes reporting that the market share for EVs more than doubled from 2.7% in Q2 of 2021 to 5.6% of Q2 in 2022. Looking to the future, these trends are expected to only increase, and all of the surrounding technological development will need to keep pace with public demand and government regulations. To answer the questions stated earlier, automotive technology companies need to be ready to jump on opportunities created by high-tech’s recent struggles and come out of the tumultuous conditions of the last couple years optimistic and ready to compete in one of the world’s most promising industries. And if you’d like help in finding the best tech talent, you can work with a specialized AutoMobility recruiting provider like Avant Future Mobility. They place hundreds of battery engineers, data scientists, software developers, and AI/ML experts into automotive companies large and small. Maybe they can help you too! https://www.linkedin.com/company/avantfuturemobility/?originalSubdomain=uk You can subscribe to the AutoMobility Roadmap for free and continue to follow the dynamic and changing automotive mobility world. If you’d like to engage directly with the team at AutoMobility Advisors, contact us or contact us via Linked In. View and Subscribe to the Automobility Roadmap on LinkedIn here. Home Let us help you succeed in AutoMobility! Edit Template Edit Template Contact Us Today Name Email Message Send Edit Template Get to Know Us About Our Team Consulting Services Events AMA News Get the AutoMobility Roadmap Newsletter White Papers & Reports AMA Thought Leadership Let’s Connect Contact Us Follow us on LinkedIn Follow us on YouTube Copyright @2024 AutoMobilityAdvisors, All Rights Reserved. Edit Template
Carpe EV Diem
Automobility Roadmap Newsletter – A perspective on all the changes in automotive transportation and the technology that’s now driving you. This week’s topic Carpe EV Diem and the EV adoption future.